Chicago Partners Investment Group LLC Sells 2,401 Shares of Targa Resources, Inc. (NYSE:TRGP)

Key Points

• Chicago Partners Investment Group LLC has reduced its holdings in Targa Resources by 5.0%, selling 2,401 shares, and now owns 45,292 shares valued at $9,080,000.
• Several research firms have updated their price targets on Targa Resources, with Citigroup lowering it from $227.00 to $197.00, while Barclays raised theirs from $178.00 to $195.00.
• Targa Resources announced an increase in its quarterly dividend to $1.00 per share, marking a significant rise from the previous dividend of $0.12.

Chicago Partners Investment Group LLC reduced its position in Targa Resources, Inc. (NYSE:TRGP - Free Report) by 5.0% during the first quarter, according to its most recent 13F filing with the SEC. The firm owned 45,292 shares of the pipeline company's stock after selling 2,401 shares during the period. Chicago Partners Investment Group LLC's holdings in Targa Resources were worth $9,080,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in TRGP. Snowden Capital Advisors LLC grew its position in Targa Resources by 2.0% in the fourth quarter. Snowden Capital Advisors LLC now owns 2,652 shares of the pipeline company's stock worth $473,000 after acquiring an additional 53 shares in the last quarter. Ritholtz Wealth Management boosted its holdings in shares of Targa Resources by 1.3% in the 1st quarter. Ritholtz Wealth Management now owns 4,942 shares of the pipeline company's stock worth $991,000 after purchasing an additional 62 shares in the last quarter. Stratos Wealth Advisors LLC lifted its position in Targa Resources by 3.6% in the 1st quarter. Stratos Wealth Advisors LLC now owns 1,776 shares of the pipeline company's stock worth $356,000 after buying an additional 62 shares during the last quarter. Curated Wealth Partners LLC lifted its position in Targa Resources by 2.2% in the 1st quarter. Curated Wealth Partners LLC now owns 3,344 shares of the pipeline company's stock worth $670,000 after buying an additional 73 shares during the last quarter. Finally, Baker Avenue Asset Management LP boosted its stake in Targa Resources by 0.8% in the fourth quarter. Baker Avenue Asset Management LP now owns 9,234 shares of the pipeline company's stock worth $1,648,000 after buying an additional 74 shares in the last quarter. 92.13% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research firms have commented on TRGP. Citigroup decreased their price target on shares of Targa Resources from $227.00 to $197.00 and set a "buy" rating on the stock in a research note on Friday, May 9th. Barclays boosted their price target on shares of Targa Resources from $178.00 to $195.00 and gave the stock an "overweight" rating in a research note on Thursday, July 10th. Mizuho set a $212.00 price objective on Targa Resources and gave the company an "outperform" rating in a research note on Tuesday, May 20th. TD Cowen initiated coverage on Targa Resources in a research note on Monday, July 7th. They issued a "hold" rating and a $192.00 target price for the company. Finally, Royal Bank Of Canada reaffirmed an "outperform" rating and issued a $205.00 price target on shares of Targa Resources in a research note on Tuesday, July 15th. Two investment analysts have rated the stock with a hold rating, thirteen have issued a buy rating and two have assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, Targa Resources currently has an average rating of "Buy" and a consensus price target of $209.86.

Targa Resources Stock Down 0.3%

TRGP stock opened at $163.21 on Thursday. Targa Resources, Inc. has a fifty-two week low of $133.15 and a fifty-two week high of $218.51. The company has a market capitalization of $35.41 billion, a price-to-earnings ratio of 30.06, a price-to-earnings-growth ratio of 1.06 and a beta of 1.12. The business's 50 day moving average price is $167.96 and its two-hundred day moving average price is $179.17. The company has a debt-to-equity ratio of 6.04, a quick ratio of 0.57 and a current ratio of 0.65.

Targa Resources Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, August 15th. Shareholders of record on Thursday, July 31st will be paid a dividend of $1.00 per share. This is a positive change from Targa Resources's previous quarterly dividend of $0.12. This represents a $4.00 dividend on an annualized basis and a dividend yield of 2.5%. The ex-dividend date of this dividend is Thursday, July 31st. Targa Resources's payout ratio is 73.66%.

Targa Resources Profile

Targa Resources Corp., together with its subsidiary, Targa Resources Partners LP, owns, operates, acquires, and develops a portfolio of complementary domestic midstream infrastructure assets in North America. It operates in two segments, Gathering and Processing, and Logistics and Transportation. The company is involved in gathering, compressing, treating, processing, transporting, and selling natural gas; storing, fractionating, treating, transporting, and selling natural gas liquids (NGL) and NGL products, including services to liquefied petroleum gas exporters; and gathering, storing, terminaling, purchasing, and selling crude oil.

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